Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis (in thousands):

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2022:
Assets:
Securities available-for-sale:
U.S. Treasury	$	221,776	$	—	$	221,776	$	—
U.S. Government-sponsored enterprises (GSEs)		1,633		—		1,633		—
Municipal securities		54,117		—		54,117		—
Other debt securities		28,841		—		28,841		—
Mortgage-backed securities (GSEs)		213,356		—		213,356		—
Total securities available-for-sale		519,723		—		519,723		—
Derivative financial instruments and interest rate swap agreements		12,433		—		12,433		—
Total assets at fair value	$	532,156	$	—	$	532,156	$	—
Liabilities:
Derivative financial instruments and interest rate swap agreements	$	12,457	$	—	$	12,457	$	—
December 31, 2021:
Assets:
Securities available-for-sale:
U.S. Treasury	$	137,758			$	137,758	$	—
U.S. Government-sponsored enterprises (GSEs)		21,801		—		21,801		—
Municipal securities		67,820		—		67,820		—
Other debt securities		27,220		—		27,220		—
Mortgage-backed securities (GSEs)		227,854		—		227,854		—
Total securities available-for-sale		482,453		—		482,453		—
Interest rate swaps agreements for customer loans		1,326		—		1,326		—
Total assets at fair value	$	483,779	$	—	$	483,779	$	—
Liabilities:
Derivative financial instruments and interest rate swap agreements	$	4,893	$	—	$	4,893	$	—

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

			Quoted Prices in		Significant		Significant
			Active Markets		Other		Other
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
September 30, 2022:
Collateral dependent loans	$	1,691	$	—	$	—	$	1,691
Other real estate owned		27		—		—		27
December 31, 2021:
Collateral dependent loans	$	2,280	$	—	$	—	$	2,280
Other real estate owned		367		—		—		367

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

					Weighted
			Valuation	Significant Other	Average of
	Fair Value		Technique	Unobservable Input	Input
September 30, 2022:
Collateral dependent loans	$	1,691	Appraisal	Appraisal discounts	25	%
Other real estate owned		27	Appraisal	Appraisal discounts	10	%
December 31, 2021:
Collateral dependent loans	$	2,280	Appraisal	Appraisal discounts	25	%
Other real estate owned		367	Appraisal	Appraisal discounts	13	%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

	Fair Value Measurements Using
	Carrying								Estimated
	Amount		Level 1		Level 2		Level 3		Fair Value
September 30, 2022:
Assets:
Cash and cash equivalents	$	543,029	$	543,029	$	—	$	—	$	543,029
Securities available-for-sale		519,723		—		519,723		—		519,723
Securities held-to-maturity		287,104		—		256,976		—		256,976
Other investments		15,528		N/A		N/A		N/A		N/A
Loans and leases, net and loans held for sale		3,079,089		—		—		2,992,294		2,992,294
Derivative financial instruments and interest rate swap agreements		12,433		—		12,433		—		12,433
Liabilities:
Noninterest-bearing demand deposits		1,186,209		—		1,186,209		—		1,186,209
Interest-bearing demand deposits		962,901		—		962,901		—		962,901
Money market and savings deposits		1,663,355		—		1,663,355		—		1,663,355
Time deposits		467,944		—		466,371		—		466,371
Borrowings		18,423		—		18,423		—		18,423
Subordinated debt		41,994		—		—		40,202		40,202
Derivative financial instruments and interest rate swap agreements		12,457		—		12,457		—		12,457
December 31, 2021:
Assets:
Cash and cash equivalents	$	1,045,077	$	1,045,077	$	—	$	—	$	1,045,077
Securities available-for-sale		482,453		—		482,453		—		482,453
Securities held-to-maturity		76,969		—		76,946				76,946
Other investments		16,494		N/A		N/A		N/A		N/A
Loans and leases, net and loans held for sale		2,679,148		—		—		2,676,181		2,676,181
Interest rate swaps agreements for customer loans		1,326		—		1,326		—		1,326
Liabilities:
Noninterest-bearing demand deposits		1,055,125		—		1,055,125		—		1,055,125
Interest-bearing demand deposits		899,158		—		899,158		—		899,158
Money market and savings deposits		1,493,007		—		1,493,007		—		1,493,007
Time deposits		574,648		—		576,598		—		576,598
Borrowings		87,585		—		88,082		—		88,082
Subordinated debt		41,930		—		—		43,374		43,374
Derivative financial instruments and interest rate swap agreements		4,893		—		4,893		—		4,893